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Home Ultimate Crypto Trading Guide-Chapter 1-What is Cryptocurrency?

Ultimate Crypto Trading Guide-Chapter 1-What is Cryptocurrency?

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Table of Content:



Crypto… the land of the magical internet money…

If you’re reading this, it’s likely that you’ve heard of the fortunes won and lost in the crypto space.

Maybe you’ve seen the lambos and the insane amounts of money that people earned back in the beginning of 2018, and you want to get in on the action.

If you want to start buying cryptocurrencies and learn how to trade and invest into them successfully, this is the post for you.

I present to you, the ultimate beginner’s guide to bitcoin and cryptocurrency, crypto trading with help of images and videos.

What is Cryptocurrency?

In Simple, cryptocurrencies are peer-to-peer digital money. That means that they don’t require any central authority like a bank. In essence, this means that you are your own bank when you own your own cryptocurrencies. This means that you can send your money to whoever you want, whenever you want, no matter where they are in the world. You can do it within minutes with minimal fees.

What is Cryptocurrency?

What is Cryptocurrency More Broad explanation?

What Is Bitcoin?

Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.

Bitcoin is a type of cryptocurrency. There is no physical bitcoin, only balances kept on a public ledger that everyone has transparent access to. All bitcoin transactions are verified by a massive amount of computing power.

  • Bitcoin is not issued or backed by any banks or governments, nor is an individual bitcoin valuable as a commodity. Despite it not being legal tender in most parts of the world, bitcoin is very popular and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is commonly abbreviated as “BTC.”
  • Launched in 2009, bitcoin is the world’s largest cryptocurrency by market capitalization.
  • Unlike fiat currency, bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger system, known as a blockchain.




What Is Ethereum?

Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, and its own programming language, called Solidity.

  • As a cryptocurrency, Ethereum is second in market value only to Bitcoin.
  • Ethereum is an open-source blockchain-based platform used to create and share business, financial services, and entertainment applications.
  • Ethereum users pay fees to use dapps. The fees are called “gas” because they vary depending on the amount of computational power required.
  • Ethereum has its own associated cryptocurrency, Ether or ETH.




What Are Altcoins?

Altcoins are cryptocurrencies other than Bitcoin. They share characteristics with Bitcoin but are also different from them in other ways. For example, some altcoins use a different consensus mechanism to produce blocks or validate transactions. Or, they distinguish themselves from Bitcoin by providing new or additional capabilities, such as smart contracts or low-price volatility.

  • The term “altcoins” refers to all cryptocurrencies other than Bitcoin.
  • As of March 2021, altcoins accounted for 40% of the total cryptocurrency market, with more than 9,000 cryptocurrencies and counting.
  • Some of the main types of altcoins include mining-based cryptocurrencies, stablecoins, security tokens, and utility tokens.
  • Altcoins might include only mining-based cryptocurrencies other than Bitcoin in the future as usage continues to develop with technology.
  • Ethereum and Binance Coin were the largest altcoins by market capitalization
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Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.

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